Don’t Start a Side Gig During This Time of Year
The days of getting by on one source of income are long gone, as job stability isn’t what it once was and the cost of living keeps rising.
Over 54% of Americans have admitted to picking up a side hustle in the last year or so to bring in more money. With more people turning to side hustles to handle the rising costs of everything while inflation continues to raise the cost of living, it’s important to learn about the timing of starting a gig.
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What are the worst and best times of year to start a side hustle? We’ll share what the experts had to say:
The Worst Time of Year to Start a Side Hustle
What are the three worst times of the year to pursue a side gig?
When You Have Seasonal Commitments
Even though you may want to increase your income, you want to ensure sufficient time before committing to a new venture so you don’t burn out or feel frustrated.
“You should be mindful of other seasonal commitments,” said Nick Loper, the founder of Side Hustle Nation. “For example, if your kids are off school during the summer, that could be a more challenging time to try and get a new project off the ground.”
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The experts agreed that you don’t want to take on too much at once because getting a new venture off the ground can be overwhelming as it is.
“When there are many tasks, it’s hard to concentrate properly on your business work,” said Kraig Kleeman, founder and CEO of Z-Branding. “I know from what has happened to me that a stressed mind cannot think in the way required for an entrepreneur.”
The Beginning of The School Year
“If you have kids, I’d avoid starting a side hustle at the beginning of the school year,” said Dawna Jarvis, a business and media strategist. “The onset of new schedules and commitments like sports can make this time particularly stressful.”
The Holiday Season
Around December, you may be tempted to look into a side gig to increase your income with spending going up. However, this may not be an ideal time for that side gig, and the experts share why.
“People are often busy and spending their money on gifts rather than services or new products,” said Amanda Webster, the chief operating officer of Fund & Grow. “Plus, you might find yourself swamped with personal commitments.”
“This is already a busy time with holiday parties and festivities, but it’s also financially challenging,” said Jarvis. “Sometimes, you need to invest in your side gig, and doing that around the holidays can feel even more daunting.”
Kleeman added, “It’s a time with many holidays, and people change their normal routines to shop for presents instead of investing in new ventures.”
The Best Time to Start a Side Gig
Is there an ideal time to start a side gig? Here’s what the experts had to say:
The Summer Season
“In my experience, the best time for a side hustle is when your schedule is clearest and you have the most support,” shared Jarvis. “Summer has always been ideal for me–my kids’ schedules are more relaxed, and I feel less overwhelmed.”
“In summer, kids are out of school and many of their parents are spending more money to make sure they’re well cared for and have a good, productive summer,” commented Todd Stearn, founder and CEO of The Money Manual. “That can make it a great time to find gigs like a camp counselor, lifeguard, tutor or babysitter.”
Stearn elaborated, “Summer travel season means you could make money renting out a room of your home on Airbnb to travelers, or even your whole house if you’ll be traveling yourself a lot.”
You may also notice a higher demand in the summer for freelance work, dog walking, and other tasks with people traveling. This could be the perfect time to pursue that side venture you’ve been thinking about.
The New Year
Most people try to reset and focus on certain goals at the beginning of the year as they return to a normal schedule after the holiday season.
“One of the best times is right after the New Year because people are looking to start fresh, set new goals, and might be interested in what you’re offering,” said Webster.
Whenever You Can
If you have a side hustle that you’re passionate about and want to get off the ground, you may have to create the free time for yourself.
“The important thing to note here is that the timing is never going to be perfect,” said Loper. “It’s far better to take action while the motivation is strong than to put your side hustle idea on the back burner waiting for some magical season of life with limitless free time.”
Closing Thoughts
“Regardless of when you start, keep an eye on market trends and personal bandwidth. Ensure you’re not launching when your target audience might be financially strained or your product is out of season. Also, assess your schedule. Ensure you have enough time to get your side gig off the ground without burning out. Starting a side gig should be exciting, not overwhelming,” Webster said.
You’ll want to ensure that the timing makes sense when you finally launch your side venture using the expert insights in this article.
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This article originally appeared on GOBankingRates.com: Don’t Start a Side Gig During This Time of Year
